Karachi, October 13, 2024 – The Large Taxpayers Office (LTO) Karachi collected a staggering Rs 680 billion during the first quarter (July-September) of the fiscal year 2024-25. This robust performance comes despite modest growth in revenues from imports, underscoring the remarkable resilience and efficiency of domestic tax collection efforts. Sources within the Federal Board of Revenue (FBR) revealed that LTO Karachi’s net tax collection surged by 24%, a considerable leap from the Rs 548 billion collected in the same period of the preceding fiscal year. This remarkable increase can largely be attributed to the stellar performance in domestic revenue collection, which soared by 35% to reach Rs 457 billion, compared to Rs 339 billion collected during the first quarter of the previous year. In contrast, the tax collection from imports grew by a mere 5%, reaching Rs 220 billion, up from Rs 209 billion in the corresponding quarter last year. The slower growth in import-related taxes reflects a significant reduction in the country’s import bill, a trend that has impacted overall revenue streams traditionally reliant on import duties. The LTO Karachi, the largest revenue-generating arm of the FBR, has been instrumental in driving the country’s fiscal progress. Despite persistent economic challenges, particularly the contraction in imports, the office managed to post an impressive 35% increase in domestic revenue…